Jul 27, 2004 |
PAA Expands Board and Adds New Director |
Contacts:
Phillip D. Kramer
Executive Vice President and CFO
713/646-4560 – 800/564-3036
A. Patrick Diamond
Manager, Special Projects
713/646-4487 – 800/564-3036
FOR IMMEDIATE RELEASE
Plains All American Pipeline Expands Board and Adds New Director
(Houston – July 27, 2004) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that the Board of Directors of its general partner, Plains All American GP LLC, has been expanded from seven members to eight. Following completion of its acquisition of Plains Resources Inc., Vulcan Energy Corporation has designated Mr. David N. Capobianco to serve as its representative on the board. Mr. J. Taft Symonds, an existing member of the board, will continue to serve as a director, filling the vacancy created by the expansion of the board.
“After several months of uncertainty, the ownership of Plains Resources’ investment in PAA has finally been resolved,” said Greg L. Armstrong, Chairman and Chief Executive Officer of the Partnership. “We are pleased to welcome Vulcan to the PAA family and David to our board of directors. Paul Allen’s Vulcan Capital organization is one of the premier private investment firms in the nation, overseeing a multibillion-dollar portfolio across diverse industry sectors and asset classes. We believe Vulcan will be a solid long-term partner and a valuable resource in the continued execution of our business plan. In that regard, we have already witnessed their willingness to commit capital to help us grow. In April 2004, Vulcan committed $40 million of equity as part of a $100 million private placement to help fund the acquisition of the North American crude oil and pipeline operations of Link Energy LLC.”
Mr. Capobianco is a director of Vulcan Energy Corporation and a Managing Director of Vulcan Capital, an affiliate of Vulcan Inc., where he has been employed since April 2003. Previously, he served as a Vice President of Greenhill Capital from July 2001 to April 2003 and a Vice President of Harvest Partners from July 1995 to January 2001. Mr. Capobianco holds a BA in economics from Duke University and an MBA from Harvard Business School.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, primarily in Texas, California, Oklahoma, Louisiana and the Canadian Provinces of Alberta and Saskatchewan. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
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